Question

Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VERSTOM rief Exercise 199 rimm Brothers Supply uses a periodic inventory system. During May, the following transactions and events occurred. Fay 13 Purchased 10 motors at a cost of $42 each from Thompson Company, terms 4/10, 1/30. The motors cost Thompson Company $25 each. May 16 Returned 1 defective motor to Thompson May 23 Paid Thompson Company in full. burnalize the May transactions for Grimm Brothers. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. entries in the order presented in the problem. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS

Answer 1

Date	Account Titles and Explanation	Debit	Credit
May 13	Purchases	420		=10*42
	Accounts Payable		420
May 16	Accounts Payable	42
	Purchase Returns and Allowances		42
May 23	Accounts Payable	378		=420-42
	Purchase Discounts		15	=378*4%
	Cash		363